PhD defence: Andreas Brøgger

Onsdag, 30 august, 2023 - 14:00 to 16:00


In order to obtain the PhD degree, Andreas Brøgger has submitted his thesis entitled: 


Financial Economics with Preferences and Frictions


His thesis explores how individuals’ preferences interact with frictions. Chapter 1 reveals that profit-seeking investors, driven by asymmetry in ESG mandates, invest in stocks with rising ESG ratings for higher returns. This contrasts with those having strong mandates, who are forced to own stocks with currently high ESG ratings. Chapter 2 explains in more detail how current ESG scores lead ESG-mandated investors to invest in stocks which go on to experience higher future emissions, rather than lower. As a solution, new assets called Emission Futures are introduced. Chapter 3 shows that the agency conflict between owners and managers of firms leads to increased demand for safe assets, such as treasuries, thereby raising their convenience yield.


Primary Supervisor:
Professor Jens Dick-Nielsen

Department of Finance

Copenhagen Business School


Secondary Supervisor:

Professor David Lando

Department of Finance

Copenhagen Business School


Assessment Committee:

Professor Ken L. Bechmann (Chair)

Department of Finance

Copenhagen Business School


Professor Alberta Di Giuli

Department of Finance, Paris Campus

ESCP Business School


Professor Zacharias Sautner

Department of Banking and Finance

University of Zurich


The thesis will be available from


The CBS PhD School will host a reception, which will take place immediately after the defence in FUHU (3rd floor above the canteen).


Organised by

CBS PhD School


30 August 2023




Copenhagen Business SchoolSolbjerg Plads2000 FrederiksbergRoom: SPs03 Novo Nordisk Aud.


It will also be possible to attend the defence via Microsoft Teams here

*Please note in connection with the online defence that the microphone and camera of all spectators must be turned off!

Sidst opdateret: Sekretariat for Ledelse og Kommunikation // 23/11/2023